As a result, Templeton Emerging Markets Investment Trust (TEMIT) will be taken over by Chetan Sehgal, senior managing director and director of portfolio management who oversees the global emerging markets strategy at Franklin Templeton.

Hardenberg(pictured), who has been at Franklin Templeton since 2002,will continue as a portfolio manager for TEMIT until 31 March.

Paul Manduca, chairman of TEMIT, commented: 'We believe that the appointment of Chetan Sehgal as lead portfolio manager will continue the strong Templeton legacy and will position the company well for the future, particularly as he has been directing Templeton’s global emerging markets strategy since October 2015.

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'The company’s performance continues to be strong over the last two years and the board looks forward to working with Chetan and his team. On behalf of the board, I would like to thank Carlos Hardenberg for his contribution to the company over the past few years.’

Stephen Dover, head of equities at Franklin Templeton, added: ‘Chetan is a veteran emerging markets investor and this appointment recognizes his significant contribution to TEMIT and his leadership across our emerging markets strategies. While we periodically make changes to portfolio management assignments, our emerging markets strategy and approach has remained true to the legacy of Sir John Templeton and the time-tested Templeton investment philosophy of bottom up, long-term, value oriented emerging markets investing.’

Chetan, the 22-year veteran of EM investing, will be supported by a team of over 80 across 20 offices around the world. He had been working with Hardenberg for the last two years as a portfolio manager and senior research analyst.

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